Tudor Gold Corp. (TSXV:TUD) subsidiary Goldstorm Metals Corp.has closed a non-brokered private placement, raising gross proceeds of $3,900,000.12 through the issuance of:
(a) 10,800,812 non-flow-through units of the Company (“Non-FT Units”) at an issue price of $0.26 per Non-FT Unit for aggregate gross proceeds of $2,808,211.12. The Non-FT Units are comprised of one common share of the Company (“Non-FT Share), and one common share purchase warrant (“Warrant”);
(b) 327,500 flow-through units of the Company (“FT Units”, together with the Non-FT Units, the “Units”) at an issue price of $0.31 per FT Unit for aggregate gross proceeds of $101,525.00. The FT Units are comprised of one common share of the company (a “FT Share”), and one Warrant. The FT Shares and Warrants comprising the FT Units each qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”); and
(c) 3,194,400 flow-through subscription receipts of the company (the “Subscription Receipts”) at an issue price of $0.31 per Subscription Receipt for aggregate gross proceeds of $990,264.00. Each Subscription Receipt which will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to receive one flow-through unit of the company (a “SR Unit”), with each SR Unit comprised of one common share of the Company (a “SR Share”) and one Warrant (a “SR Warrant”). The SR Shares and the SR Warrants will also each qualify as a “flow-through shares” within the meaning of subsection 66(15) of the Tax Act.
Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.60 for a period of two years from the date of issuance of the Warrants.
Tudor Gold is seeking to spin out its interest in Goldstorm (which holds six contiguous Golden Triangle Area mineral properties, being the Mackie East, Mackie West, Fairweather, High North, Delta and Orion and Electrum properties to the current shareholders of Tudor through a plan of arrangement.
Upon completion of the Spin-Out Arrangement, it is intended that the net proceeds from the sale of Non-FT Units (net of the applicable finder’s fees) will be used for exploration work at the Properties, as well as for working capital requirements and other general corporate purposes.
The entire gross proceeds from the issue and sale of the FT Units and Subscription Receipts will be used for Canadian Exploration Expenses.
About Tudor Gold Corp.
Tudor Gold Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. The company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.
For further information please visit: https://tudor-gold.com/
